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"Buy It Now" - "Instant Purchase" - "Get It Now" - Guaranteed Bid"

First, it's a relatively small number of people who actually exercise this option.  Most feel "only a fool pays full price" when it comes to a silent auction.  Remember, silent auctions attract "shoppers" who want a deal.  That said, it doesn't hurt to offer it and costs you nothing if it ever gets exercised.

If you do go this route, treat the "Buy It Now" option like a privilege extended to the bidder.  If a bidder doesn't wnat to be bothered with checking ehr bid all night...Here's the solution. They can, for a premium, buy their way out of the process.

Remember: You're the one taking the risk.  Without the Buy It Now, an item could sell for much more in the course of normal bidding.    

NOTE: Some items have a FMV well above what the donor may have told you.  Especially sports tickets - many sports fans are accustomed to paying above market value for a good game.  Most anyone in Green Bay will happily pay you 3 times the $79 face value for 50 yard line seats @ Lambeau Field.  Using a 135% Buy It Now formula on that will cost you a bundle.  

Same rule applies for this seasons"hottest holiday toy" i.e.; "2002 Tickle Me Elmo", "2006 Xbox" or "The 2007 Wii".  All were selling for 3-6 items FMV in the months leading up to Christmas.

Whatever percentage you decide on, just use common sense on those special items and toss the formula out the window.  

TIP: The Buy It Now price on those Green Bay tickets...I'd say $1400.